This is a sponsored post brought to you by the Student Success Centre. The Silhouette is not responsible for anything written in the article.
By Jeff Low (Student Success Centre)
The world of investing can be complicated and full of unfamiliar terms and concepts.
Additionally, as a student, you may think that it’s too early to start thinking about investing — that investing is only for people who are already wealthy and “successful.” This is one of many common misconceptions students and other younger people have about investing, according to Michelle Hung, AKA the Sassy Investor. The fact is, students can enter the world of investing now through gathering information, exploring their options and planning.
But who is the Sassy Investor?
Michelle Hung is a chartered financial analyst (CFA) and investing expert who’s worked for seven years in investment banking and venture capital. She’s also an author and content creator, having contributed to Canadian Money Saver Magazine, hosted webinars for Questrade and developed TikToks for the budgeting app Cleo. To date, she’s taught people how to invest (over $2 million total!) and save on average over $9,000 per year.
We had a chance to chat with Michelle Hung and ask her some common investing questions. Here’s what she shared.
Question: How much should I have in my savings before I start investing?
Answer (Michelle Hung, the Sassy Investor): You should have at least three to six months’ worth of expenses in your savings account, but you can start investing when you feel comfortable at the level of savings you’re at. For example, if you have two months worth of expenses in your savings account (e.g. $6,000, if each month you spend $3,000 on living expenses), and you’re comfortable with that, you can start your investing process while continuing to build up your savings fund.
Q: How do I start investing? What’s the difference between using my bank’s investment team and an independent broker?
A: The first thing you need to do is educate yourself so you know exactly what to invest in and what the risks are. Managing your risk and expectations is critical. Bank-owned brokerages are generally more expensive when it comes to fees, like trading commissions, and they may even charge a quarterly maintenance fee if your balance does not exceed a certain amount (e.g. If you don’t have at least $15,000 in your investment account, you’ll be charged $25 per quarter). Independent brokers like Questrade or Wealthsimple Trade are cheaper. They offer commission-free purchases on ETFs, and they don’t charge maintenance fees (a fee if your account balance falls below a certain amount).
Q: Is there a good website or app I should use to help me invest?
A: Check out Wealthsimple or Questwealth Portfolios if you decide to use a robo-advisor to help you manage/build your own investment portfolio.
Q: What are the requirements, pros and cons of using a platform and trading on my own?
A: Trading on your own is the cheapest option — which means you’re not paying a management fee for someone to manage your investment portfolio. This gives you the most freedom in terms of what you want to put in your portfolio. However, you have to do this work on your own, including the management of it.
If you decide to go with a robo-advisor, which means having your portfolio managed for a fee, you don’t have to worry about how to build and manage your portfolio — they do it for you. Wealthsimple charges an annual fee anywhere between 0.4% to 0.5%, plus the cost of the ETFs. Questwealth Portfolios charges anywhere from 0.2% to 0.25%, plus the cost of the ETFs.
Q: What are ETFs? What are mutual funds? Do you recommend one over the other?
A: “ETF” is an acronym for “exchange-traded funds,” which means these funds can be purchased on the stock exchange like any other stock. Mutual funds have to be purchased through a financial institution and usually carry some restrictions like a minimum initial investment. Mutual funds are also generally expensive, as they carry annual fees of, on average, 2.3% per year (Canadian average). ETFs are cheaper and can start as low as 0.05% per year.
I recommend ETFs mainly because they are lower in cost — these fees can add up to thousands of dollars over a lifetime!
Q: What is a good fee percentage?
A: The lower, the better. There are ETFs that start at 0.05%, and then there are ETFs where they are diverse enough to own just one in your portfolio, which can cost 0.25% per year. These are all reasonably priced, especially compared to the average mutual fund fee of 2.3%.
Q: If I have debt, should I take out any money I have invested to pay off the debt?
A: That depends on your financial situation, the level of debt and the cost of debt (e.g. the interest rate you’re paying). Mathematically, it makes sense if you’re paying 20% in interest costs vs. earning 8% per year, for example, to pay off your debt first. If your investments are held in an RRSP, you shouldn’t sell your investments to pay it off because you’ll be on the hook for taxes.
If, however, you’re thinking about taking money out of your TFSAs to pay off credit card debt, it makes sense. Some people are comfortable carrying some debt for a short period of time, and some just want to get rid of it ASAP — so it all depends on your personal circumstances and what you’re comfortable with.
Q: Should I be thinking about investing if I don’t have a job right now?
A: You can certainly think about it, but I wouldn’t advise on acting on it! I would suggest using this time to educate yourself so you can get started when you’re ready to go — that is, after securing a job/income stream and building some sufficient savings first.
Q: I have reservations about what’s happening in the economy right now. Should I wait to invest? Or is this a good time?
A: When you’re investing, you should avoid: 1) news and current events, and 2) trying to time the markets. The proven and best strategy is to continue investing every month, no matter what is happening in the economy right now or any short-term volatility driven by events, such as the U.S. election. Staying invested, but also continuing to invest through the ups and downs of the stock markets, is the best way to avoid losing money!
Q: I have extra funds that I have saved from OSAP. Should I invest this money in the market, or are there other options to consider?
A: Eventually, you’ll have to pay that money back when you graduate, which means interest will start. Put that money in a high-interest savings account in the meantime (e.g. EQ Bank), so when you graduate, you can reduce your student loan balance immediately, avoiding unnecessary interest costs.
Learn more about the Sassy Investor on her website. Connect with her on social media: Instagram (@TheSassyInvestor), Facebook (@TheSassyInvestor), Twitter (@Sassy_Investor) and YouTube.
The Investing with Michelle Hung series was part of Financial Literacy Month, hosted by Mac’s Money Centre and the Student Success Centre. Information about the series, including webinar recordings, can be found on the Financial Literacy Month web page. Check out the Mac’s Money Centre’s website for more information on managing your money.
This sponsored article is brought to you by the Student Success Centre. The Silhouette newsroom was not involved in the creation of this content.
Are you planning for grad school, medical school, law school or another further education program type? If so, you might be wondering how schools and programs are adapting to provide quality learning opportunities during COVID-19.
Will everything be online? Will I still be able to complete a work placement? Is the application process different now?
The answers to these questions are likely different for each school and program. That’s why the Student Success Centre’s hosting the Online Further Education Fair on October 21 and 22, 11:30 a.m. – 2:30 p.m. More than 70 schools and programs are attending this year’s fair, so you can drop in and connect directly with representatives who can answer your questions and offer guidance related to a specific program or field. There will be representatives from graduate programs, professional schools, graduate certificate programs and further education programs abroad.
Get registration details and explore all the participating schools and programs on the SSC website.
Additionally, with COVID-19 impacting the current job market, SSC career counsellors note that many students are choosing to pursue further education as a way to be more thoughtful about their career path. This could mean that programs are even more competitive than usual.
So how do you set yourself apart in your application?
This is another question for the program representatives at the Further Education Fair. These representatives are eager to meet McMaster students and offer insight and tips on preparing a successful application.
Here’s what some of this year’s representatives have to say.
Choose an opportunity that works for you.
The advice from recruiters, “choose the graduate program you love!” And search for a program that offers work-integrated learning (co-op, placements, practicums) if it fits with your further education plan.
Do your research.
Gathering as much information as you can will help with your application. When attending the fair, the representatives encourage you to “have great questions ready!”
Include references who will back you up.
“Solid academic references are key to any grad school application.” Choose people who believe in you!
Make it personal.
Recruiters want to know what makes you different. “Be yourself! Don’t try to tell programs what you think they want to hear, be honest and authentic about who you are and your personal story.”
Apply early.
Some programs are extremely competitive, but “applying early will give you a head start.” Applying early also gives you the most scholarship options.
Get more application tips and resources on the SSC website.
By: Tanya Kett & Jillian Perkins Marsh
Some say that when they last attended a job fair employers told them to apply online, so they felt it was pointless to attend. If you have similar sentiments, I urge you to keep reading.
Employers may tell you to apply online (it does save paper!), but the real reason they are there is to get a sense of the person behind the resume that is submitted online — YOU.
Who are you? What do you have to offer? Why are you unique? Are you personable? Do you seem genuinely interested? What do you know about them? Answers to these questions can only be conveyed in an application to a certain extent. Make a real connection so that when your application does come across their desk, your name gets noticed.
How can you differentiate your application from other ones in the application pile?
Do your research. Explore the event website for the list of employers confirmed to attend and do some research on them before the event.
Tailor your elevator pitch. Make eye contact and shake their hand. Be bold, assertive, and with some confidence, introduce yourself. Tell them what you do or want to do, what you have to offer and why you are interested in them. Customize your pitch based on your research.
Ask useful questions. Based on your research, prepare some thoughtful questions to generate conversation after your introductions.
Be an active listener. Really listen to what they have to say; it is easy to start thinking ahead to what you will say next, but concentrate on being in the moment. After the conversation is over, jot down any suggestions they had for applicants before you forget.
Be ready to dig deeper. If you encounter an organization of interest that is not hiring in the area you are interested in, don’t despair. Remember that organizations recruit for many diverse roles and hiring timelines are often not predictable.
Invite to connect on LinkedIn. Visit your new contact’s profile and send your request from there, so you have an option to ‘Add a Note.’ Reference something from your conversation when you invite them to connect and thank them for their time in speaking with you at the event.
After you attend the event and employ the tactics above, you are ready to submit that online application. Don’t forget to mention the contact you spoke with at the Career Fair or Company Recruitment Event. Incorporate their suggestions and offer something you learned from them in your cover letter as part of why you are interested in applying.
Now imagine you did none of the above, just attended, had a few conversations and just applied online. Which application would you be most interested in?
Use what you’ve learned in this article at our SCENE networking night on March 21. This event is open to McMaster alumni and students in their final year. Register here: alumni.mcmaster.ca under Event Listings.
Read the full article on our Medium page.
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By: Jillian Perkins-Marsh, alumni career counsellor 
For folks who are trying to figure out what an occupation is really like before taking the leap or for those trying to build their connections to help with their job search efforts, informational interviews can be extremely helpful. Really, what is better than one-on-one time with someone who can offer you career advice at minimum, and at the end of the spectrum, if all goes well, someone who may offer to pass along your resume to the right people and tell you about unadvertised jobs?
Informational interviews can be a highly effective way to build connections. If the meetings are done right, they can be an amazing way to make a positive first impression with a professional in your field of interest.
Be sure to be genuine in your interest in connecting and to follow up – and avoid the pitfall of ‘transactional networking’. The idea that networking is about focusing on the number of interactions, rather than the quality of the relationships. This is absolutely not what effective networking should involve. Life gets busy. But that is no excuse for not staying in touch and responding to others in a timely way…especially when you initiated the connection.
Try and think from the other person’s perspective. After you reach out to the person you were referred to in a timely manner, remember to circle back to your original contact to update them about your conversation and thank them again. Completing the networking circle will maintain relationships and not leave them wondering if you ever followed up with their suggestion.
These are the kind of recommendations that can help you turn a good strategy for building and using your network into a good and successful strategy for building and using your network, and that can make all the difference.
If you are looking to build your network and don’t know where to start, visit Firsthand, our online networking and mentorship platform. On Firsthand you will find McMaster alumni ready to have career conversations with you and give you advice on how to land a job in the industry of your dreams.
Visit mcmaster.firsthand.co to create your profile today, and potentially find your career match! It’s free, easy to use and right at your fingertips. Any questions at all, email [email protected].
Watch for upcoming employer – student networking event on March 14 – part of Career Month!
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By: Elizabeth DiEmanuele
“We often don’t realize how resilient we can be,” says Kerri Latham, career counsellor at the Student Success Centre. “The truth is, the more times you fail, the easier it is to try.”
For the Student Success Centre, providing students with the resources and supports needed to develop their resiliency in university is important. One piece of this work is normalizing failure, uncertainty and other factors that contribute to wanting to give up on a goal, project, idea, or dream.
As Jenna Storey, academic skills program coordinator at the Student Success Centre, says, “Students often encounter challenges in achieving their academic goals. Resiliency in academics is about bouncing back after these challenges, and also recognizing and working through them by incorporating better academic and personal management skills.”
Most recently, the Centre led a digital campaign called #StickWithIt, a resiliency campaign that responded to student experiences the Centre addresses in its regular roster of programs, services and workshops. Staff have also participated in the CFMU’s MorningFile show, covering topics from Thriving in Academic Uncertainty to Developing Career Resilience.
In Kerri’s role, resiliency is an ongoing conversation and practice. Whether it’s through her one-on-one appointments, a career and employment session, or a Career Planning Group, one thing is clear: there is a shared uncertainty for many students around what they are going to do and where they are going to go next.
Kerri shares, “Though there are expectations, reflecting on your own priorities can help you stay grounded to pursue a direction that is best for you. Try not to get swayed too much by what others are doing. Know yourself and honour your own path.”
Knowing yourself does not necessarily mean “know your passion.” As Kerri suggests, “This puts a lot of false expectations on students, but the main thing is to pay attention to those seeds of interests and allow them to grow. Though it might feel like everyone has it figured out, there is always change, uncertainty and new directions. It’s okay to not know right now – uncertainty is to be expected.”
For students focused on what’s next, Kerri recommends breaking big decisions into smaller chunks; and when job searching, focusing more on the opportunities and skills students want to develop. She also encourages students to use their strengths and supports, like family, friends or mentors.
The good news is: students don’t have to go through it alone. The Student Success Centre is a place for students to explore, from the moment they accept their offer of admission and up to ten years after graduation. Upcoming sessions include:
Register for workshops or a career counselling appointment on OSCARplus.
Visit studentsuccess.mcmaster.ca to learn more.
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Holiday travel plans can bring us together with family and loved ones. However, because winter weather in Canada can be extreme, it’s important to take a few precautions before you hit the road so you arrive safe and sound.
The York Regional Police, based just north of Toronto, have provided a few tips to help keep you safe on the roads.
Weathering the conditions: Double-check the weather conditions before heading out. Weather can be severe and change quickly, so it’s extremely important to know the latest weather and traffic conditions, and to leave yourself plenty of time to arrive safely.
Get road-ready: Ensure your vehicle is prepared for the winter. Investing in winter tires is a good place to start. Top-up windshield fluids and antifreeze, ensure you have enough gas for every journey, and update your car’s emergency kit. Clear snow and ice from the windshield and mirrors, as well as from the top of the car and from wheel-wells to increase safety for other drivers.
Buckle up: Always wear your seatbelt, and make sure all of your passengers do too. While this may seem obvious as it's the law, it’s also the most important safety consideration no matter the road conditions.
Eyes on the road: Drive slowly and be aware of other motorists and road hazards. Winter roadways can feature big snow-removal vehicles and sand/salt-trucks, as well as distracted drivers and crosswalks full of pedestrians with arm-loads of gifts! Take the necessary precautions and make sure you’re always in control of your vehicle.
Arrive alive: The holidays are all about good times with family and friends. Don’t drink and drive.
Icy roads, limited visibility, Top 40 Radio…lots of things can impact your time on the road this winter. If you are involved in a fender-bender this season, remember to contact local police immediately if your collision involves:
View original article from TD Insurance.
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By: Elizabeth DiEmanuele
The Student Success Centre is pleased to launch the Undergrad Peer Tutoring Network (UPTN), a new network for students to access affordable, quality student tutors, both in-person and online. The platform is powered by TutorOcean, a relatively new start-up company that was selected in partnership with the McMaster Engineering Society. Differing from other academic services available, this network is a chance to connect with another student who successfully completed the course; tutors must have received an A- to provide services.
“Through the Student Life Enhancement Fund, all McMaster undergraduate students who access the network receive a subsidy for the first seven sessions, meaning they only pay $9 per hour,” says Jenna Storey, Academic Skills Program Coordinator for the Student Success Centre. “Tutors are available from all Faculties and an important part of this service.”
Gina Robinson, Director of the Student Success Centre, adds, “Providing quality and affordable tutoring is an important objective of this initiative. Finding sustainable funding for subsidy will need to be part the plan moving forward.”
Understanding that there are a number of gatekeeping courses (mandatory courses for students to complete their degree), the Student Success Centre continues to work with Faculties to ensure that these courses are available on the network. The Student Success Centre has also incorporated measures to ensure that tutors are well-prepared, offering a number of different sessions for tutors to become “McMaster Certified.”
As Jenna shares, “Students are encouraged to find a tutor who has a ‘McMaster Certified’ badge on their profile, indicating they have completed the tutor training session in accordance with best practices. This training focuses on running an effective session, ethical standards, and communication skills.”
The Undergrad Writing Centre continues to be another support available for students, and can be used at any stage of the writing process. All Writing Tutors have undergone training through the Student Success Centre, which has been externally recognized by the College Reading and Learning Association (CLRA).
Students can book up to ten appointments per semester for free. This semester, new drop-in writing support is also available Tuesdays and Wednesdays from 3:30 p.m. to 6:30 p.m. The Undergrad Writing Centre is located in the Learning Commons on the second floor of Mills Library.
Jill McMillan, Academic Skills Program Coordinator of the Student Success Centre, shares, “Writing remains is a key academic and life skill requirement. We are thrilled to have received certification recognition that demonstrates the quality of this peer based service. Students are supported in meeting their writing potential.”
Students looking for quick study tips and other academic support can connect with Academic Coaches, located in the SSC Lounge as well as in the Learning Commons on the second floor of Mills Library every Monday-Friday from 2:30 p.m. to 4:30 p.m.
Learn more about the Undergrad Peer Tutoring Network here.
Learn more about the Undergrad Writing Centre here.
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People from all over the GTA can now head over to nearby Hamilton to benefit from McMaster University’s Data Analytics Continuing Education programs-- programs which could lead to a job in almost any industry.
The certificate in Big Data Analytics gives adult learners the tools and techniques to help guide organizations in the exploding field of data analytics.
As more ways of collecting data are being developed, professionals are needed who can turn that data into useful business insights.
As the demand for data analysts steadily increases and the talent supply remains low, this is a perfect time to train to enter the field.
McMaster has two data analytics streams: Big Data Analytics and Foundations of Data Analytics.
Haitham Amar, who teaches the Predictive Modelling and Data Mining course, says there is a wealth of job opportunities available for graduates.
“The program allows students to choose a career as a data scientist, data analyst, data engineer, and machine learning engineer. In general, you can think of the career as either leaning more towards model building or towards model implementation (programming).” Amar explains.
Amar also points out that a number of industries involve big data analytics.
“Every field that makes use of data in any way, shape or form requires big data analytics. This seems like everything in the industry right now. Insurance companies, car manufacturers, education institutions, the health sector, the banking sector, the entertainment industry, etc. are all interested in people who are skilled in data analytics.”
Because of the wealth of career opportunities, students looking for a rewarding career are enrolling in the program.
The program can also, in a way, help prepare students for jobs that aren’t even available yet as almost any industry can better use data to its advantage.
“The question would be what professional fields would not be able to leverage big data analytics. Many companies still have a lot work to do in effectively leveraging data,” says Eleanor Smith, an instructor who teaches data management.
Smith also says the course has been invaluable to students seeking professional development.
“I have received feedback from students that this course has helped them in their professional lives. One topic we treat is enterprise metadata management, which many enterprise organizations have surprisingly yet to establish,” she says.
“A current student has provided me with feedback that her company is now investigating metadata management tools based on what has been presented in this course. Another student who works as a product manager at a big name credit bureau explained to me this course gave him the background and language to converse with his more technical colleagues.”
Overall, students say they learn an incredible amount of useful--and applicable--information in a relatively short period of time.
To learn more, please visit mcmastercce.ca/data-analytics
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According to Statistics Canada, less than half of renters in Canada have renter’s insurance1 (also known as tenant or contents insurance).
We often think of home insurance as protecting the big stuff—like pipes, appliances, and the physical structure of the home or building. If you are renting, your landlord may have his or her own insurance policy to cover these kinds of items. But their insurance will not cover your personal belongings, such as furniture, jewellery, or entertainment equipment. Your landlord’s insurance will also not protect you if someone is injured on your property.
That’s where renter’s insurance comes in. Renter’s insurance could protect you from liability if guests injure themselves in your home. Renter's insurance could also help replace your possessions in the event of a loss or damage due to a covered risk. Speak to an Advisor to see how we can tailor your insurance to fit your needs.
Let’s start by understanding the importance of liability insurance.
Accidents happen and sometimes those accidents can be quite costly.
For example, a candle in your apartment could cause a fire. If that candle affects other units, you may be deemed responsible to pay for damages to your rental unit.
Or, if someone trips and falls in your apartment, you could be held financially responsible for the cost of medical expenses and lost wages.
Liability insurance could protect you in the event of a lawsuit, and help you cover the cost of any damages.
Next you need to understand a few basic terms:
Find the home insurance coverage that best fits your needs
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[spacer height="20px"]1Home Insurance Spending in Canada in 2008, Statistics Canada, 2009, Ottawa, Ont.: Statistics Canada.
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By: Yechan Kim
I have been involved in Community Volunteer Circles since my first year of undergrad, and I currently lead the weekly volunteer group at the Learning and Fun (LAF) afterschool group. What has made this volunteer experience different are the reflections that are led by the group facilitator after every session.
These reflections are a time to nurture volunteerism in the group, a safe place where all voices can be heard without judgments, and an opportunity for growth. It can range from open conversation to an activity that teaches about statistics and demographics of the people we are helping, or how we can become more mindful of others as well as ourselves.
Volunteering was previously something that I could not take home, but Community Volunteer Circles changed my mindset. Now, even if I am volunteering through a different organization, I still take time to reflect, even if it is by myself.
I have been with the LAF group for over 5 years. In LAF you are paired up with one or two at-risk children to mentor them throughout the year. So, volunteers really have a chance to build rapport with their mentee.
One mentee in particular has left a considerable impression on me. I have known him since he started 7th grade and was there when he graduated from the program at the end of his 8th grade. I mentored him for two years, and if I had to describe him in a few words, I would say that he was full of energy towards playing but lacked academic enthusiasm despite being smart. Although we would always have a blast when it was activity time, it was a struggle to keep him on track with his studies. But over the years, it slowly became better and better.
Once it was time to say goodbye, I was worried about what the future held for him, but was also excited for how much more he would continue to grow. It has been 3 years since he graduated from the program and I don’t have to worry about or guess how he is doing right now, as he is volunteering with me for LAF.
He is an honor roll student and he is considering his plans for post-secondary education. Every time he comes to LAF and tells me how he aced a test or about his future aspirations, I feel proud and nostalgic at the same time, because the young mentee that had trouble paying attention for 15 minutes on academics grew up to be this excellent student who is now thriving.
By no means do I take all or significant credit for how he turned out, as I am aware that he had this potential in him all this time, but it is interactions like these that helped me decide to stay in Hamilton when decisions had to be made on which school to go to for graduate studies.
To find out more about volunteering in a weekly group, attend one of Community Volunteer Circle’s fairs:
Find out more about our volunteer placements at: www.opencircle.mcmaster.ca/volunteer
Community Volunteer Circles (CVC) is a program of Open Circle. We are a network of volunteering groups where you volunteer weekly with other McMaster students at placements across Hamilton. Your group facilitator helps you find your way to the placement and facilitates discussion for 15 minutes after each volunteer session to help you reflect on your experiences and how these relate to larger societal issues.
